U-value
The amount of heat a door or window conducts between the inside air
and the environment.
U.S. Department of Housing and Urban
Development
Also known as HUD. This federal agency oversees the Federal
Housing Administration and a variety of housing and community
development programs.
Underlayment
A layer of wood between the sub-floor and the floor.
UNDERWRITTEN COMPANY
A title firm which
conducts title searches but is not qualified to insure, and
therefore issues policies of a qualified title insurer (underwriter)
in return for a portion of the premium.
Underwriters' knot
A code-approved knot tied at the end of an electrical cord to
prevent the wires from being pulled away from their connection to
electrical terminals.
Underwriting
The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property value.
Underwriting fee
A fee charged by mortgage lenders to verify information on the loan
application and
make a final decision about whether or not to approve the loan.
Undisclosed
heir
A person who claims the right to a piece of property after the death
of an owner without a will.
Undisclosed spouse
A marital partner who can claim the right to a piece of property but
is not identified in the owner's will.
Unilateral contract
A one-sided contract. If one party makes a promise to do something,
the second party is not legally required to perform. If the second
party does comply, however, the first party is obligated to keep its
promise.
Unrecorded deed
A deed that transfers ownership from one party to another without
being officially recorded.
Unsecured loan
Any loan that is not backed by collateral.
Upgrades
Options offered to buyers in a new-home project that go beyond the
standard carpeting, lighting, finish carpentry, and other amenities.
Upzoning
The process in which a property is zoned from a lower to a higher
use.
Urban sprawl
The unplanned expansion of development over a large area.
Usury
Illegally excessive interest charged on any loan.
